PNE

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES  

Pine Cliff Energy Ltd. ("Pine Cliff" or the "Corporation") (TSX VENTURE:PNE) is
pleased to announce that it has closed its previously announced short form
prospectus offering of 18,200,000 common shares (the "Common Shares") at a price
of $1.10 per common share for gross proceeds of $20,020,000 (the "Offering").


The Offering was made pursuant to an underwriting agreement with a syndicate of
underwriters led by Paradigm Capital Inc. and including Clarus Securities Inc.,
AltaCorp Capital Inc., FirstEnergy Capital Corp., GMP Securities L.P., Haywood
Securities Inc., Jennings Capital Inc. and Scotia Capital Inc.


The net proceeds from the Offering will be used to initially reduce indebtedness
under Pine Cliff's credit facility and for general corporate purposes. Pine
Cliff is a growth orientated oil and gas company that has been actively
acquiring material asset positions in the Western Canadian Sedimentary Basin
("WCSB") to enlarge its current core areas and create new core areas of
production with significant reserves and drilling inventories. It is the intent
of Pine Cliff to continue this strategy. The repayment of the outstanding
indebtedness under the credit facility with the net proceeds from the Offering
will enable Pine Cliff to continue to pursue opportunities that it feels fit
within this strategy. Pine Cliff believes that having capital available (through
borrowings under its credit facility or otherwise) to pursue its strategy will
permit it to be in a position to act quickly if any such opportunities arise.


This news release does not constitute an offer to sell or a solicitation of any
offer to buy the Common Shares in the United States. The Common Shares have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") and may not be offered or sold in the
United States absent registration under, or an applicable exemption from the
registration requirements of, the U.S. Securities Act.


Cautionary Statement Regarding Forward-Looking Information and Statements

Certain statements included herein that contain words such as "believe",
"expects", "expected", "will", "intends", "projects", "projected",
"anticipates", "estimates", "continues", and similar expressions and statements
that are not related to historical facts constitute forward-looking information
or statements under securities laws. In particular, the forward-looking
information and statements herein include, but are not limited to, the
anticipated use of the net proceeds of the Offering, statements regarding the
business strategy of Pine Cliff and the growth of Pine Cliff's business and
operations. Pine Cliff believes the expectations reflected in such
forward-looking statements are reasonable but no assurance can be given that
these expectations will prove to be correct and such forward-looking statements
should not be unduly relied upon. Forward-looking statements are not guarantees
of future performance and involve a number of risks and uncertainties, some of
which are described in Pine Cliff's annual report, annual information form and
other continuous disclosure documents. Such forward-looking statements
necessarily involve known and unknown risks and uncertainties and other factors,
which may cause Pine Cliff's actual performance and financial results in future
periods to differ materially from any projections of future performance or
results expressed or implied by such forward-looking statements. Such factors
include, but are not limited to: general economic market and business
conditions; industry capacity; competitive action by other companies; refining
and marketing margins; the ability of suppliers to meet commitments; actions by
governmental authorities including increases in taxes; changes in environmental
and other regulations; and other factors, many of which are beyond the control
of Pine Cliff. Any forward-looking statements are made as of the date hereof and
Pine Cliff does not undertake any obligation, except as required under
applicable law, to publicly update or revise such statements to reflect new
information, subsequent or otherwise. 


The forward-looking information contained in this news release is expressly
qualified by this cautionary statement. This news release should not be
considered a suitable source of information for readers who are unfamiliar with
Pine Cliff and should not be considered in any way as a substitute for reading
all of Pine Cliff's public disclosure.


About Pine Cliff 

Pine Cliff is a growth orientated oil and gas exploration and production company
seeking to acquire material asset positions in the WCSB to enlarge its current
core areas and create new core areas of production with significant reserves and
drilling inventories. The Corporation's vision is to deliver long-term value to
the holders of Common Shares by building a portfolio of high-return assets for
future growth focusing on counter cyclical natural gas opportunities while also
accelerating current oil and liquids drilling and optimization opportunities.
Through its wholly-owned subsidiary, Geomark Exploration Ltd., Pine Cliff is
also engaged in the business of exploring for precious metals. For more
information please visit www.pinecliffenergy.com.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pine Cliff Energy Ltd.
George F. Fink
Executive Chairman
(403) 269-2289


Pine Cliff Energy Ltd.
Philip B. Hodge
President and CEO
(403) 269-2289


Pine Cliff Energy Ltd.
Kirsten Lankester
Manager, Investor Relations
(403) 269-2289
info@pinecliffenergy.com
www.pinecliffenergy.com

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